Manipal Payment and Identity Solutions Sets September 9 for ₹805-Crore IPO
Manipal Payment and Identity Solutions to Launch ₹805-Crore IPO on September 9
Bilkul Bazaar
Ahmedabad
Manipal Payment and Identity Solutions Limited (MPISL) will open its initial public offering (IPO) on September 9, 2026, with the price band fixed at ₹322 to ₹339 per equity share. The issue will close on September 11, with anchor investor bidding scheduled for September 8.
The mainboard IPO comprises a fresh issue of ₹320 crore and an Offer for Sale (OFS) of up to 14.31 million equity shares by promoter Manipal Technologies Limited. Based on the stated offer size, the total issue is expected to aggregate up to ₹805 crore.
Investors can bid for a minimum of 44 equity shares, and in multiples of 44 thereafter. At the upper price band, the minimum application amount works out to ₹14,916.
Strong Position in Payment Cards
MPISL provides payments solutions, identification solutions, secure solutions, and smart tagging and Internet of Things (IoT) solutions to banks, fintech companies, NBFCs and government organisations in India and overseas.
The company had an approximately 36.4% share of India’s credit-card issuance market and 30.9% of the debit-card issuance market in FY26, according to the company’s release.
MPISL is also among India’s major national identity-card producers and has billed more than one billion cards across 12 regional languages. It serves more than 300 customers through 10 facilities across India, catering to both domestic and international markets.
Financial Performance
For the year ended March 31, 2026, the company reported consolidated revenue of ₹1,326.75 crore and profit after tax of ₹253.46 crore.
At the upper price band, the IPO implies an estimated market capitalisation of ₹7,858.17 crore, with the issue valued at approximately 31.02 times earnings. The estimated EV/EBITDA multiple stands at 16.90 times.
IPO Timeline
- Anchor Investor Bidding: September 8, 2026
- IPO Opens: September 9, 2026
- IPO Closes: September 11, 2026
- Basis of Allotment: September 15, 2026
- Credit of Shares: September 16, 2026
- Tentative Listing: September 17, 2026 on BSE and NSE
The company said its payment-card manufacturing and personalisation facilities have certifications from major payment networks including Mastercard and RuPay, along with Payment Card Industry Data Security Standard (PCI DSS) Level 1 Version 4.0.1 certification for secure data management.
The equity shares are proposed to be listed on the BSE and NSE, with BSE acting as the designated stock exchange.
With its presence across payment cards, identity solutions and secure digital infrastructure, the IPO puts a specialised payments and identity-solutions business before the public markets.
Disclaimer: This article is for information purpose only and is not investment advice. Please read the IPO documents carefully before investing.